Iron Mountain Q2 AFFO Rises; Lifts 2026 Guidance
Iron Mountain (IRM) reported Q2 AFFO of $432.7M, up 17.0% year over year, and AFFO per share of $1.44, up 16.1%. Q2 revenue rose to $2.0B (+18.5%). The company lifted 2026 revenue guidance to $7.94B-$8.01B and AFFO per share to $5.87-$5.93. Q3 revenue is forecast at about $1.98B.
How this was made
The 30-second read
Why it matters
The key tradable update is the raised 2026 revenue range and AFFO per share range, supported by stronger Q2 AFFO and revenue growth, which can shift forward earnings expectations and valuation multiples.
Market read
Guidance increase plus solid Q2 AFFO and revenue growth is a direct catalyst for forward estimates and near-term sentiment.
What to watch
The article highlights constant-currency EBITDA growth but does not break out occupancy, lease-up pace, or cost inflation drivers that could affect future AFFO conversion.
Background
Iron Mountain is a storage and data-center REIT; the article reports Q2 normalized FFO, AFFO, revenue growth, and updated 2026 and Q3 guidance plus a quarterly dividend.
Ticker impact
Iron Mountain reported Q2 AFFO per share of $1.44, up from $1.24, and lifted 2026 revenue and AFFO guidance ranges.
Likely modest positive bias for the stock as traders price in higher 2026 AFFO per share and revenue growth at the midpoint.
The article discloses both Q2 results and an explicit increase to full-year 2026 revenue and AFFO per share guidance, which are direct valuation inputs.
Market effects
Reinforces demand resilience in storage REITs via organic revenue growth and service/storage rental expansion.
No specific regional shock described; guidance is company-wide.
Limited global spillover beyond the data-center and storage real-estate demand narrative.
Counterpoint
The guidance lift may already be partially anticipated; upside may be capped if macro conditions or occupancy trends weaken later in 2026.
Key entities
- public_companyIron Mountain
Reported Q2 AFFO growth and increased 2026 revenue and AFFO per share guidance; declared a quarterly dividend.




